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. Last Updated: 07/27/2016

Kiev Seeks Cheap Gas

KIEV -- Gas giant Gazprom is ready to supply its gas to Ukraine next year at a cheaper price, a top industry official said over the weekend.

The new price of gas is to be finally agreed during negotiations between Russia's Gazprom and Ukrainian officials in Moscow next week, Ihor Bakai, head of Kiev's state oil and gas mono-poly, Naftogaz Ukrainy, said Saturday.

Under the 1998 Ukrainian-Russian gas deal, Gazprom set the price of its gas reaching Ukraine's borders at $50 per 1,000 cubic meters.

That price was lowered from previous years' level in exchange for Ukraine's introduction of lower tariffs for transporting Russian gas through its territory to Western Europe.